Amended Terms Reduce KKCG's Voting Interest In Allwyn-OPAP Merger

Allwyn will not get as numerous ballot rights in OPAP following the upcoming merger of the 2 companies as originally planned.


Some particular terms around the merger between the international lottery operator and the Greek wagering, video gaming and lotto group have been modified.


Initial regards to the merger contract saw KKCG Group safe and secure 85% ballot interest in the combined entity as an outcome of Allwyn's shares in OPAP being bigger from 51.78% to 78.5%.


However, revised terms have actually now seen the types of shares held by Alllwyn changed - rather of preference show improved voting rights, it will now just get regular shares.


As an outcome, KKCG's voting interest in the Allwyn-OPAP combined entity will drop from 85% to 75.1% - the like the variety of shares it will keep in the joint business. In addition, Allwyn's portion of shares will stay at 78.5% regardless of the modification in voting rights.


In the grand scheme of things, this modifications very little bit as the Czech-based investment group remains the bulk stakeholder.


Aside from voting rights, the merger in between Allwyn and OPAP is as planned, with the combined business still set to run as an Athens Stock Exchange-listed company and continue operating in its existing suite of markets.


In a statement on the matter, Allwyn asserted that 'the elimination of the contemplated issuance of choice shares highlights the commitment of Allwyn and OPAP to continuing the long-lasting collaboration with existing investors'.


The decision was made at an Extraordinary General Meeting (EGM), but has yet to be approved by shareholders in both business. OPAP's board has already authorized the step, with its EGM arranged for 7 January 2026.


The move reveals that the Allwyn-OPAP merger is well en route to conclusion, regardless of any changes to specific terms. The offer will further establish Allwyn as the world's second biggest gaming business by market cap, after Flutter Entertainment.


M&A has been the specifying feature of Allwyn's 2026 method, with the OPAP merger being announced just a month after it acquired US day-to-day dream sports (DFS) platform PrizePicks for $1.6 bn. PrizePicks would start a growth into prediction markets soon after.